| Home : December 2011 : December 22, 2011 News : IEMR Announces Convertible Note Financing |
IEMR Announces Convertible Note Financing |
December 22, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2011) - IEMR Resources Inc. (TSX VENTURE:IRI) ("IEMR" or the "Company") wishes to announce that it will, subject to the approval of the TSX Venture Exchange, borrow the principal sum of US$800,000 (the "Principal") from, and issue an unsecured convertible note (the "Convertible Note") in respect of such indebtedness to, International Energy and Mineral Resources Investment Company Limited (Hong Kong) (the "Lender") having a term of 2 years (the "Maturity Date") from the closing date (the "Closing Date"). At the option of the Lender, the Convertible Note is convertible into common shares of the Company ("Common Shares") at a price of US$0.07 per Common Share, in whole or in part, at any time during the term of the Convertible Note. The Convertible Note is to bear interest on the outstanding Principal from the Closing Date to the Maturity Date at a rate of 6% per annum, payable on the earlier of the Maturity Date or the date of conversion of the Principal amount outstanding.
http://www.marketwire.com/mw/release.do?id=1601714&sourceType=3
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